MARKET CLOSE: Mixed jobs data keeps investors on edge

Technology stocks closed out the week with modest gains Friday as the Nasdaq composite moved up 27 points to close at 3,787.26. The Dow Jones industrial average rose 61 points to finish at 10,767.75 in sluggish trading.

"Markets clearly have entered the summer doldrums," said A.C. Moore, chief investment strategist at Dunvegan Associates. "Investors may be wanting to take some time out to see where the wind is blowing."

After anxiously awaiting the employment figures for July, investors appeared nonplussed by the numbers. The July unemployment rate came in at 4.0 percent, in line with expectations, and unchanged from June while wages improved 0.4 percent, slightly above the 0.3 percent most analysts had expected.

Intel (INTC) closed off 2 1/2 to 62 9/16. Advanced Micro Devices (AMD) dropped 2 7/8 to 62 5/8 and IBM (IBM) slid 1/8 to 115 7/8.

Among widely held PC stocks, Dell (DELL) added 7/16 to 41 3/8; Gateway (GTW) rose 3 3/8 to 59; Apple Computer (AAPL) lost 5/8 to 47 3/8 and Apple Computer (AAPL) closed down 5/8 to 47 3/8.

Wireless access equipment maker Giganet Ltd. (Nasdaq: GGNT) gained 5 1/2 to 22 1/2 in its initial public offering. The Israeli firm makes equipment that helps communication providers deliver Web access and integrated voice, data and video.

Emulex (Nasdaq: EMLX) and JD Edwards (Nasdaq: JDEC) both popped on good news. Emulex rose 20 3/8 to 65 9/16 after reporting positive earnings Thursday night, while JD Edwards jumped 6 1/2 to 20 after forecasting strong results for its third fiscal quarter.

Microsoft (MSFT) lost 1 1/8 to 69 1/8. Oracle (ORCL) added 4 1/8 to 81 9/16 and Sun Microsystems (SUNW) dropped 1 1/16 to 106 5/8.

Cisco Systems (CSCO) rose 1 3/16 to 65 9/16. Lucent Technologies (LU) shed 1 1/16 to 42 3/8 and Nortel Networks (NT) moved up 2 to 74 7/8.

Yahoo! (YHOO) tacked on 2 3/4 to 133 15/16. America Online (AOL) clipped 13/16 to 52 1/2 while Amazon.com (AMZN) and eBay (EBAY) closed up 15/16 and 3/4 a share, respectively.